{
  "docId": "019dd923-622c-750b-8b98-9727cc72301c",
  "docSlug": "778e2cbfbfaa",
  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-01-23 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 28,
  "pageCount": 128,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": "Uses a collage of news clippings and a central callout to synthesize a narrative of management misdirection.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/28",
  "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-28",
  "components": [
    {
      "bbox": {
        "h": 0.18,
        "w": 0.32,
        "x": 0.34,
        "y": 0.42
      },
      "kind": "callout",
      "text": "Is Amdocs looking for opportunities to buy struggling assets with large customer bases so as to acquire new customers relatively inexpensively? Amdocs management was accused of doing just this in the 2002 lawsuit.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eae926d9-c92f-4ce5-8e06-a7786df2e93b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "In some cases, management isn't shy about the fact that its M&A isn't done for purely “strategic” reasons as much as it’s done simply to gobble up new customers. Again, management was accused of doing just this in 1999-2002 to cover up declining organic sales.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1e-7015-9020-82961dc1e04c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.46,
        "x": 0.02,
        "y": 0.67
      },
      "kind": "image",
      "text": "Kerry Chambers, et al. vs. Amdocs Limited, et al.",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e26bb89-d412-4fd4-aeaf-17ea2c3f7fcd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.46,
        "x": 0.02,
        "y": 0.26
      },
      "kind": "image",
      "text": "Vubiquity sale to Amdocs looks like a fire-sale if ever we saw one",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4a84ba15-93dc-4732-9b84-fabe6e93e11d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.46,
        "x": 0.52,
        "y": 0.26
      },
      "kind": "image",
      "text": "Amdocs is adding to its customer base as it agrees to acquire Comverse's BSS assets for US$272m",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e62c0603-dc96-4e3d-b993-44b2798da4cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Telecom revenue management systems is not exactly a heavily-followed industry among hobbyists and casual observers. Yet, where knowledgeable commentators have offered their independent views on Amdocs' acquisitions, we see a pattern of doubt regarding the acquired businesses' fit within Amdocs, questioning of management's motives, and general skepticism.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a456eac7-2a34-4937-a529-5270e59f0e5d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.96,
        "x": 0.02,
        "y": 0.92
      },
      "kind": "paragraph",
      "text": "In some cases, management isn't shy about the fact that its M&A isn't done for purely \"strategic\" reasons as much as it's done simply to gobble up new customers. Again, management was accused of doing just this in 1999-2002 to cover up declining organic sales.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a7596a1a-d017-460e-bb5b-625969dc743d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "The Amdocs deal reports, in which it reported a 16% drop in billing revenue, to $251 million. Comverse does not fill any gaps in Amdocs' technology portfolio, nor was it a competitive threat to Amdocs. — Sheryl Kingstone, 451 Research director",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1e-7015-9020-872db0ed47a3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.305,
        "y": 0.02
      },
      "kind": "title",
      "text": "Industry Observers Question Amdocs' Acquisitions",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "514accd3-b4ad-4323-aff3-8d9d44bce055",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "71d9523e-de5f-43ea-bb96-1cb7f83ee4c8",
      "evidence": "Collating external news and legal filings to challenge management narrative.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 21,
      "beatId": "1e4868cc-cd8e-4bfb-beb9-9fe40dfe1944",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": null,
      "evidence": "The deck presents a thorough analysis of Amdocs' financial performance and management practices",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 35,
      "from": 25,
      "name": "Golden Circle",
      "slug": "11-golden-circle",
      "bestFor": "Visionary leadership, brand positioning, mission statements",
      "matchId": "93aa0c7d-6580-4ccc-90e6-98377f86d7a0",
      "evidence": "The deck presents a clear explanation of why Amdocs' financial performance is important for investors",
      "position": 1,
      "objective": "Why does Amdocs' financial performance matter?",
      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
      "confidence": 0.7,
      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}